Conceptualized in alignment with the modern consumers’ preferences, Promise4Future will enable policyholders with an opportunity to create a robust savings corpus while ensuring a long-term protection cover for their loved ones.
Canara HSBC Life Insurance has announced the launch of ‘Promise4Future’ – a non-linked, participating plan designed to offer policyholders a unique combination of life protection and savings.
Read More:- How to create a financial plan on your own? Here are 6 key steps
This innovative offering combines the dual benefit of long-term protection and the opportunity to benefit from the returns generated in the participating fund of the company, Canara HSBC Life Insurance said in a statement.
According to a recent survey by Canara HSBC Life Insurance, more than 50% of Indian consumers prioritize savings and financial security of their family when purchasing a life insurance policy. Conceptualized in alignment with the modern consumers’ preferences, Promise4Future will enable policyholders with an opportunity to create a robust savings corpus while ensuring a long-term protection cover for their loved ones, the statement said.
Read More:- SBI plans to enhance threshold limit under instant loan scheme for MSMEs
Promise4Future: A blend of protection and wealth-creation solutions
Rishi Mathur, Chief Distribution Officer – Alternate Channels and Chief Marketing Officer, Canara HSBC Life Insurance said, “Customers today seek a blend of protection and wealth-creation solutions to create a solid savings foundation while keeping a sharp eye on securing their future. At Canara HSBC Life Insurance, we design products leveraging the keen insights from customer research such as our recent customer survey.”
“We recognize the need for offerings that provide both financial security and some degree of upside beyond guaranteed returns. With the introduction of Promise4Future, we are addressing these expectations through a product that combines life-stage protection with opportunities for income generation and eventual wealth creation for our policyholders. This plan empowers policyholders with the options and relevant tools to navigate their financial journeys confidently,” Mathur added.
Also Read– How much tax is deducted from your salary: A comprehensive guide
The plan is being offered in two variants: Savings4Future and Income4Future
Savings4Future will enable the policyholder to grow their savings while staying protected at every stage of life. In case of death, the nominee will receive the higher of the sum assured on death and bonuses (if any) or 105% of premiums paid. At the end of the policy term, the policyholder will be entitled to Guaranteed Sum Assured plus bonuses.
Income4Future will enable a steady income stream, and a lump-sum benefit to meet interim financial needs of the policyholder. At the end of the policy term, the policyholder will receive a lump-sum payout, guaranteed income, and cash bonuses, ensuring financial security for the future. In the event of the demise of the policyholder, the nominee will be entitled to the sum assured on maturity and bonuses.
Also Read– Safety and high returns: Here are the banks that offer up to 7.55% interest on 3-yr FDs
The product further offers a range of valuable benefits, including flexible premium payments, high-premium boosters, and the option for partial or full withdrawals under deferred survival benefit.
Annual bonuses will be payable upon death or maturity, with the potential for a terminal bonus to further enhance the policy’s value at maturity. Moreover, Promise4Future includes an option for policyholders to revive their lapsed or paid-up policies, within five years of the first unpaid premium, subject to underwriting approval.
